11 Things Every Buying Tips to Know Before Purchasing

1. Property taxes and qualified interest are deductible on an individuals federal income tax return. In 2012 and 2013, mortgage insurance may also be tax deductible. Check with your Certified Public Accountant to confirm eligibility.

2. Often, a home is the largest asset an individual has and is considered one of the most valuable investments available.

3. A portion of each amortized mortgage payment goes to principle which is an investment. the rest goes to the interest on the loan.

4. A home is one of the few investments that you can enjoy by living in it.

5. Southern California REALTORs(r) can show you any home whether it is listed with a company, a builder, or even a “For Sale By Owner” home.

6. Working through a REALTOR(r) to purchase a For Sale By Owner home can be very advantageous because someone is looking out for your best interest.

7. Your Real Estate professional can provide you with a list of items you’ll need to complete your loan application so you will be prepared.

8. A homeowner can exclude up to $500,000 of capital gain tax if married and filing jointly or up to $250000 if single or filing separately. The home must have been the taxpayers principal residence for the previous two years. (please check with your tax accountant for the latest rules, laws and eligibility requirements)

9 Meet with your real estate professional for a buyer consultation so you can discuss what you need in a home, learn how he/she works for you and create a plan together.

10. Your Real Estate professional should provide you with the highest level of service and advice.

11. Get pre-approved before you begin your real estate search. Sellers only want qualified buyers looking at their homes for sale. Unqualified buyers waste the seller’s time making the home ready to be shown.

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If you are having difficulty meeting your monthly obligations, contact a credit counseling agency near you. The Department of Housing and Urban Development (HUD) can provide you with the name and address of the local HUD-approved counseling agency by calling their toll-free hotline at 800-569-4287. If you'd like more information on alternatives to foreclosure, see how we can help.